If you still need to file your taxes — read this

April is a busy month as Canadians rush to file their taxes by the April 30th deadline. If you still need to file, you need to read this.

• File on time, regardless: always file on time even if you don’t owe any money. Late penalties are only applicable if you’re late and owe money, but without filing on time, you can’t make accounts for unexpected things to come up. CRA has strict rules on the filing deadline! Late-comers can miss out on government benefits and credits such as the Canada child benefit and GST/HST credits. Also, the earlier you file, the sooner you get that refund (if you’re getting one).
• Claim! Many Canadians end up missing out on money or deductions because they aren’t sure what they can claim. Maximize your return and always hold onto your receipts. Keep in mind things like donations to charity, child care expenses, disability credits, medical expenses and moving expenses.
• Don’t forget your income: a reminder that you must claim investment income or foreign income.
•  Seek the help of a professional: the best way to maximize your return and ensure you are filing your taxes correctly is to seek the help of a professional. To date, the average tax refund is over $1,600!

A reminder of the new tax breaks for this year:

Canada caregiver credit – If you care for an infirm family member, things just got a little easier. The Liberals streamlined three previously existing tax breaks into the Canada caregiver credit.

Disability tax credit – The government has added nurse practitioners to the list of health professionals who can certify Canadians living with a disability for this tax break.

Medical expense tax credit – Fertility treatments can cost thousands of dollars and aren’t often covered under provincial health plans. You may be able to claim some of those costs in your tax return this year. Also, the Liberals have made the change retroactive, so if you’ve paid for things like in vitro fertilization during any of the past 10 years, you can refile your taxes and add that in.

[Global News]

Tags : personal taxes, tax, tax refund, tax return, tax time, taxes, taxes canada